NFA تفرض غرامه جديده 2 مليون دولار علي شركه FXCM !!!
Apparently Non Dealing Desk doesn’t mean you get the best execution – NFA has just announced that it heavily fined FXCM for slippage malpractices. FXCM will pay $2 million ectly to NFA and will compensate all customers who suffered from this practice since June 2008. The details of this case are not much different from the similar fine of $459k which NFA imposed on Gain Capital for using the Virtual Dealing plugin and similar slippage settings.
FXCM seems to have taken this matter seriously and already started compensating clients as one of them sent me the following email:
Dear Client:
We have important news regarding your Forex Capital Markets, LLC (FXCM US) trading account(s). Last year, FXCM enhanced its No Dealing Desk forex execution by making Price Improvements (positive slippage) available on all orders. We have reviewed your past trading data and your account(s) has been identified to receive a price improvement credit.
Account Number(s): xxxxx
Price Improvement Credit(s): x
The credit will be deposited into your FXCM trading account(s) and will be available by August 28, 2011.
The details of NFA’s Complaint and Decision:
COMPLAINT:
On August 12, 2011, NFA issued a Complaint charging FXCM with retaining gains derived from positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; and failing to adequately investigate suspicious activity in all customers’ accounts. The Complaint charged FXCM and Niv with failing to supervise.
DECISION:
On August 12, 2011, pursuant to a settlement offer submitted by FXCM and Niv, FXCM was ordered, within 30 days of the effective date of the Decision, to make a good faith effort to credit the accounts of its customers the amount of positive slippage which its customers experienced on their trades from and after June 18, 2008. FXCM shall provide verification to NFA of these credits. In addition, FXCM was ordered to pay $2,000,000 to NFA as a monetary sanction. In the , FXCM will not engage in price slippage or margin liquidation practices; and, in the , when FXCM voluntarily gives a customer a price adjustment, it shall also determine whether or not it is appropriate to make the same price adjustment for other similarly situated customers.
Finally, within 30 days of the effective date of the Decision, FXCM was ordered to adopt and implement adequate procedures – or enhance existing procedures – to ensure the efficient execution of customer orders and to ensure compliance with NFA’s AML requirements.
المصدر ...
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